Statement of realization and liquidation, dividend to unsecured creditors without priority. A partially completed statement of realization and liquidation is as follows:

The Rodak Corporation
Statement of Realization and Liquidation
For the Period of July 1, 20X9, to August 12, 20X9

Assets

Liabilities

Unsecured

Cash

Noncash

Fully
Secured

Partially
Secured

With
Priority

Without
Priority

Owners’
Equity

Beginning balances, assigned July 1, 20X9

$12,000

$590,000

$200,000

$175,000

$54,000

$150,000

$23,000

Cash receipts: Sale of inventory

30,000

(25,000)

5,000

The following additional transactions have occurred through August 12, 20X9:

a. Receivables collected amount to $39,000. Receivables with a book value of $15,000 that were not allowed for were written off.

b. A $12,000 loan that was fully secured was paid off.

c. A valid claim is received from a leasing company seeking payment of $15,000 for equipment rentals.

d. Securities costing $18,000 are sold for $23,000, minus brokerage fee of $500.

e. Depreciation on machinery is $3,200.

f. Payments on accounts payable total $25,000, of which the entire amount was secured by the inventory sold.

g. Machinery that originally cost $85,000 and has a book value of $45,000 sold for $36,000.

h. Proceeds from the sale of machinery in (g) are remitted to the bank, which holds a $50,000 loan on the machinery.

  1. Update the statement of realization and liquidation to properly reflect transactions (a) through (h).
  2. Assuming the remaining noncash assets can be realized for $410,000, determine the estimated dividend to be received by unsecured creditors without priority.
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